Highlights
- Acceleration of the organic volume growth initiated in Q3 2024 and positive impact of the acquisition of the Corsico plant in Italy
- Quarterly revenue of EUR 818 million, down -2.2 percent compared to Q1 2024 (-3.6 percent at constant scope and exchange rates), due to lower prices
- Adjusted EBITDA at EUR 147 million (18.0 percent margin) compared to EUR 204 million in Q1 2024 (24.4 percent margin), affected by a strongly negative inflation spread and a temporary negative inventory variation impact
- Net debt ratio at 2.3 times last 12-month adjusted EBITDA (2.1 times at the end of December 2024) despite a significant improvement in free cash-flow over the quarter compared to Q1 2024; robust liquidity of EUR 928 million at March 31, 2025
- 2025 adjusted EBITDA now expected around EUR 800 million (from a level close to that of 2024 i.e. EUR 842.5 million initially) in a context where geopolitical and trade tensions weigh on market conditions
- 2025 free cash-flow generation target raised and now expected to exceed EUR 200 million (from around EUR 200 million initially), in line with the Group’s commitment to focus its efforts on cash generation in 2025
Patrice Lucas, Group Chief Executive Officer, said, “In the first quarter, Verallia was able to take advantage of the gradual normalization in the market environment to return to volume growth. Our margin contracted due to the combined impact of an unfavorable inflation spread and a temporary negative finished good inventory variation effect. In this context, the Group maintained tight control over its expenses and the Performance Action Plan (PAP) once again proved to be effective. Even though market conditions lead us to update our 2025 adjusted EBITDA target, we remain fully committed to continue to adapt to the evolution of the environment with agility and we raise our 2025 free cash-flow generation target.”
The full report is available here.